Home Tags Viewpoints
A recent Wall Street Journal article by Heather Haddon described how “Grocers Imagine the Store of the Future.” It was an excellent article outlining how technology will improve the customer experience by customizing ads, deploying staff to cash registers based upon store traffic monitored via infrared sensors, and apps that take recipes and populate grocery shopping lists. Undoubtedly there is applicability to retail pharmacy management.
The mid-May announcement that Amazon plans to enter the pharmacy market was met with many divergent views. While many are convinced that Amazon will be a market disrupter that is too big and savvy to fail, one only needs to remember the Amazon Fire phone to realize that Amazon is not infallible
A December 2016 Chicago Tribune exposé concerning pharmacists’ failure to counsel patients on potentially life-threatening drug interactions and prevent the filling of these prescriptions. Of the 255 pharmacies tested, 52% dispensed medication pairs without mentioning the interaction risks.
The drug product identifier used by pharmacies to submit prescription claims — the NDC (National Drug Code) number for the majority of those products — is going to run out of numbers sometime in the next decade.
With the tumultuous election behind us, our thoughts turn to a new year and the challenges that lie ahead. These changes should be beneficial for the economy while also creating new opportunities and challenges for the pharmacy industry.
Pharmacists are increasingly facing new challenges with managing and dispensing controlled substance medications. Market and regulatory changes have been taking place with controlled substances, including the new opioid guidelines, electronic ordering of CIIs using the Drug Enforcement Administration’s Controlled Substance Ordering System (CSOS), and increased availability and utilization of prescription drug monitoring programs (PDMPs).
We will review the types of performance networks and the different strategies employed to drive measurements designed to improve patient outcomes.
The Centers for Medicare & Medicaid Services (CMS) published the Medicaid Program Covered Outpatient Drugs final rule in the Federal Register on February 1. This publication ended a 10-year regulatory odyssey that began in 2006.
Inventory management can help ensure the proper amount of product is in stock at the right time, while reducing inventory costs and increasing inventory turns. The inventory management system can also suggest, place, and receive orders, reducing the need to engage a pharmacist or technician in a labor-intensive process.
The rate of retail pharmacy mergers has increased in the last year, with the announcement of several mega deals. The total pharmacies involved in these announced mergers is approximately 10% of the retail pharmacies in the country. We will spend a few minutes reviewing the market dynamics driving the accelerating consolidation in the industry.